The McElroys fell behind on their home loan payments. Their lender, Chase Manhattan Mortgage Co., notified them they could reinstate their mortgage and avoid foreclosure by paying the $7,238 in missing payments and costs. Instead, the McElroys tendered payment to Chase in the form of a "Bonded Bill of Exchange Order" for the full $256,000 amount required to pay off their mortgage. Purchase Bob Bruss reports online. The instructions to Chase, the McElroys said, were to establish a "Personal UCC Contract Trust Account" with the U.S. Department of the Treasury. The bill was a negotiable instrument, should be processed like a check, and sent by certified mail to the Secretary of the Treasury, they said. But Chase refused to process the bill. The McElroys followed up by having "Barton Buhtz, Co...
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